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Mortgages and SCRA

January 21, 2011

Seems this story on JPM Chase and their deplorable actions against military families has gained some legs! This Navy Times Story (by Karen Jowers, who really cares about military families) goes into more detail – including the fact that two Senators are asking for investigations.  Sen Jack Reed (D. RI) is asking for the Justice Dept to look into this mess, and Sen John Kerry (D. MAss) is tasking Fed Chair Bernanke  with this request.

Sen. Kerry recently  authored a bill that extended the protections under the SCRA and it was recently signed into law by President Obama.  Did you know that?  This bill

provides enhanced protections for servicemembers and military families against foreclosure and increased interest rates as part of the Servicemembers Civil Relief Act(SCRA).  The SCRA extends protections Senator Kerry previously enacted into law to expand protections from foreclosure for nine months after active duty servicemembers return home and provide one year relief from increases in mortgage interest rates.  The current program was set to expire tomorrow, December 31, 2010.  Senator Kerry’s legislation extends the program for an additional two years.

Yeah, I didn’t know that either! the Bill,  S.4058, is available here.

It’s important for all of us to understand the protections afforded us as military families under the SCRA.   Military.com did a good overview,  About.com has the actual bill with links available here.  Take the time to read it, and see how it affects you.

LAW

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2 Comments leave one →
  1. sreysaw permalink
    January 21, 2011 11:53 am

    Somewhat on this topic is something I found out only recently- military families who moved as a result of PCS orders don’t have to pay back their first-time home buyer tax credit. We thought we might have to pay the tax credit back since we moved sooner than 3 years after purchasing our first home.

    http://www.irs.gov/newsroom/article/0,,id=215594,00.html

  2. libarmywife permalink
    January 21, 2011 11:54 am

    thanks for the info! that’s really great to know!

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